Bankruptcy Cases: Dallas Attorney Can Help You Delay Foreclosure

If you are facing hard times and the possibility of foreclosure, you may want to consider filing for Chapter 7 bankruptcy. Although it is not a permanent solution to foreclosure, it can delay the process. So if you have decided to give up your home later, rather than sooner, Chapter 7 may be for you. To explore this option thoroughly, you should schedule a consultation with a Dallas bankruptcy attorney who is familiar with the process and has vast knowledge of Texas laws.

How Chapter 7 Helps When Foreclosure Looms

When you file for Chapter 7, you may be able to:

delay foreclosure for several months; and

get a significant amount, if not all, of your debt canceled so you can get a fresh start after foreclosure.

There are many additional benefits of filing for Chapter 7, and they all depend on your unique situation. Before you meet with an attorney, it would be a good idea to gather all pertinent documents and prepare a list of questions you would like to ask. This way, your attorney will be able to assist you better.

Handling Liabilities When Drowning in Debt

Understand that with a Chapter 7 filing, you can deal with many liabilities as you go through foreclosure or even if you decide to fight the process. Besides credit card debt, you may be able to say goodbye to medical bills and any judgments from certain lawsuits.

Keep in mind that bankruptcy is not the solution for everyone. Before taking the plunge, be sure to discuss the following with an attorney:

how bankruptcy may affect your credit;

rebuilding your credit after bankruptcy; and

the benefits of Chapter 7 vs. Chapter 13 amid foreclosure.

If your goal is to save your house from foreclosure, Chapter 13 may be a better option, but you could still benefit from filing for Chapter 7. Because bankruptcy cases can be very complex and often difficult to interpret, it is imperative that you speak with an attorney who can put all the legalese in layman’s terms.

How Chapter 7 Can Help You Keep Your House

If you have not missed any payments on your first mortgage, but you have so much debt that you will soon fall behind, a Chapter 7 filing can help you save money. If your credit card debt can be canceled, for example, you could have more money to continue paying that first mortgage.

Also, if the value of your home has dropped below the value of your first mortgage, then a Chapter 7 filing could wipe out, albeit temporarily, your need to make payments on a subsequent mortgage. The reason behind this is that bankruptcy eliminates debt under a second or third mortgage, and whoever holds the second or third mortgage most likely would not foreclose because proceeds from a foreclosure sale would go to the first mortgage holder.

When You’re Undecided on Foreclosure

If you have not decided whether to fight for your home, keep in mind that you can always put things on hold by filing for Chapter 7 with the guidance of an attorney. When you file, foreclosure proceedings must stop. Proceedings will not stop forever, but a court order automatically will issue a halt. This means creditors will be barred from trying to collect debt, unless permission is sought and granted from bankruptcy court, which can be time-consuming.

Your best course of action would be to talk things over with your attorney, weigh the pros and cons of keeping your home vs. foreclosure, and do what you feel is right for your situation.

Contacting a Dallas Bankruptcy Attorney

At Warren & Migliaccio, our goal is to protect you and your family so that you can take the necessary steps to plan proactively for your future. When financial circumstances outside of your control threaten your wellbeing, take control of your situation by contacting ourDallas law firm. We’ll explain bankruptcy rules of procedure and guide you through the legal process so you can make informed decisions and choose the best course of action. If a personalized, teamwork-driven approach sounds like what you need for your case, call 1-888-584-9614 today to contact us. We’re here to help.

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We worked with Chris and other staff. Chris from the start really worked with us as we were unsure what to do next and what was the best option for us. Chris spent a great deal of time with me on the phone, over email as well as meeting with my husband and I in his office. It can be scary to have the unknowns as we did and he really helped. When dealing with things you just don't know about you have to find someone you can trust to lean on and let them handle it; you can't be an expert on everything. The staff were so helpful and there was never a question on what we needed to get them or needed to do during the process. We were prepared 100% for what was to come and even months after the staff was quick to follow up to make sure that we did not have any questions or have anyone contacting us. They even helped figure out the 'what next' and 'where to go from here' that comes up. I would recommend them to anyone finding themselves facing financial struggle and trying to decide what to do. They give a free consultation over the phone or in the office; worth the call to find out your options.

I recommend Warren and Migliaccio to anyone who like myself, had no idea of what to do next. They were open and honest to me about my bankruptcy. They took time and explained the whole process to me beforehand. I was treated I'm sure, as their more prominent clients even though I'm a single senior with a limited income. They helped me maintain my dignity and I'm sure my sanity too.

I would strongly recommend anyone needing a family law attorney use this office. The staff is so friendly, helpful, and knowledgeable. Gary Warren and Ryan Bauerle were the ones that helped me with a very rough child custody case and they were absolutely amazing. They are very nice guys but they will fight for you!!! I am truly happy that I used them for the case, I could not have asked for a better attorney! Ryan helped me and my husband so much and explained everything so well to us! I can't thank them enough for all they did for me and my family! So anyone please take my advice, if you need a family law attorney give Ryan a call!!!

Everyone in this attorney's office was wonderful! We had one matter that we needed assistance with last year, but they were not able to assist us with it, however Christopher Migliaccio was kind enough to provide us with a list of attorneys who would be able to help. Over the last couple of weeks, we decided to update our wills and powers of attorney and it could not have been any easier to do. They made it so we only had to make one trip to their office to take care of everything. If we need anything else, I would be most happy to do business with them again!